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In Togo, a new guarantee fund of XOF100 million has been put in place by various banks for local SMEs and SMIs. The monies will help “business operators who struggle secure public procurements,” according to a senior official from the National Chamber of Commerce and Industry (CCIT) which put in place the fund.
Businesses interested in benefiting from the fund must first register on a...
Moody’s, just after S&P, delivered its first ratings for Togo. The ratings agency indeed gave the country a B3 rating with stable outlook, while S&P gave it a B rating.
The ratings come as Togo plans this quarter to issue a Eurobond seeking €500 million. The move was comforted by successful Eurobonds issued recently by some neighboring nations.
Monies raised through the...
Togo will over the next 10 years clear all its domestic arrears, in line with its medium-term debt strategy. This amounts to XOF225.5 billion which is 10.3% of the country’s public debt.
Lomé plans to pay this year XOF35.4 billion, after having paid more than XOF50 billion in 2017 and XOF65 billion in 2018. This is good news for the private sector which is expected to contribute 65% of the...
In Togo, the Economic Governance Support Project (PAGE) goes in line with the expectations of the World Bank and the European Union (EU) which finances it.
Hawa Cissé Wagué, representative resident of the World Bank in Togo said she is satisfied with the project in an interview with Erick Kaglan, Head of Communications at World Bank Togo. She declared: “I am very satisfied with progress made...
It is a great start for Togo on the regional financial market in this third quarter. The country’s public treasury indeed recently raised XOF43 billion via a three-year bond issuance. This represents a coverage rate of 215% and consolidates the country’s performances on this market since the beginning of 2019.
However, the treasury will only cash 110% of the auctioned amount, thus XOF22...
Most (57%) Togolese believe corruption has increased over the past 12 months in the country. This was revealed in the latest corruption perception index published by German NGO, Transparency International, on July 11, 2019.
Still according to the report, 32% of the population claim they had to pay bribes to get administrative documents. Also, while 68% of the surveyed population said...
Togo’s water utility company, Togolaise des Eaux or TDE, has adopted Mobile Money as a payment solution to enable its customers pay their bills with more ease.
Besides TMoney and Flooz which offer the service, the utility also partnered with Ecobank with the same goal. TDE customers can thus pay bills via Ecobank Mobile.
By choosing these solutions, TDE joins others such as Canal + and the...
From October 25 to November 3, 2019, Lomé will host the International Craftsmanship Fair of Togo (Miato).
The fair was officially launched on July 12, by the minister of craftsmanship, Victoire Tomégah-Dogbé.
Organized by the ministry of craftsmanship and regional employment chambers, the fair will host exchanges, exhibitions, and stands. “It aims at promoting the creativity of Togolese...
Togolese authorities have issued a decree forbidding the import, sale and use of bromate all over the country. This decision follows an alert given by the local development and food organization (OADEL) warning that the compound, which is often used by bakeries, has been linked to cancer.
Hence, any person found guilty of infringing the new decree is liable to a fine ranging between XOF10,000...
The Kara fund, a Luxembourg-based investment fund, is expected to send a delegation to Lomé next July 15th.
The move was spurred by the recently held Togo-EU economic forum which the firm attended. During the visit, the delegation should discuss with Togolese authorities about investment opportunities in the sectors of agriculture, infrastructures and clean power, in the West African...
Local SME Africa Global Recycling has joined the IFC’s Local Champion programme. The decision comes after a visit to the firm by Sérgio Pimenta, IFC’s Vice President.
“During my visit in Togo, the IFC decided to integrate Africa Global Recycling which is headed by Eben d'Almeida, to its Local Champion Programme,” Pimenta declared. “This programme,” he adds, “provides technical...
The International Finance Corporation (IFC) and Togo’s government will develop 90MW of solar power plants in the West African country. The related agreement was recently signed in the presence of President Faure Gnassingbé and Sérgio Pimenta, Vice President of IFC, who is currently in Togo.
The deal falls under the World Bank’s Scaling Solar program which provides a set of services...
The International Finance Corporation (IFC) will open an office in Lomé, Togo. This was revealed by the institution’s Vice President for Africa and the Middle East, Sérgio Pimenta (photo), during a meeting with Togo’s President, yesterday.
With this office, the IFC will be closer to local business operators and could more rapidly increase its investments in the country. Also, the World...
In line with the Decentralization Support Programme (PAD), major construction and rehabilitation works will be conducted in Aného, Atakpamé, Sotouboua, Kara and Dapaong. The works will focus on key economic infrastructures (markets, etc.).
According to Togo’s Urban Works Execution Agency (AGETUR-Togo), the group of companies selected to conduct studies (architectural, technical,...
From 10 days, a year before, delay needed for property transfer in Togo at the end of May 2019 was six days. The figure was recently published by the land conservation agency.
Another major feat is that the number of cases processed last May was 40, against only 16 the same month in 2018.
This is attributed to multiple incentives put in place in the beginning of 2018 and augmented this year....
Sérgio Pimenta, Vice President of the International Finance Corporation (IFC), is currently in Togo for a working visit. “The purpose of my visit to Togo is to see how we can expand our operations and support the Togolese private sector to contribute to national development, by creating jobs, economic activities and positively impacting the country,” he declared after meeting with Togo’s...